India’s GDP Growth projected to 7.3% for FY23 by S&P Global 2022

India’s GDP projected by the S&P Global Inc. 2022

S&P Global Inc., an American Public Trading Corporation organization, recently issued its Global Rating Report, which forecasted 7.3% GDP growth in India for Fiscal Year 2023.

The report issued by S&P Global Inc. on Monday, September 26, 2022, and it also forecasted India’s inflation for fiscal years 2023 and 2024.

According to the S&P Global assessment, India’s inflation would be higher than the RBI’s 6% level in fiscal year 2022-23, but it will fall to 5% in fiscal year 2023-24 or FY2024.

According to the research, the cause for the high inflation and low GDP growth is the Corona Virus Pandemic, and now that the pandemic is over, India is expanding swiftly, with a 7.3% increase in GDP for fiscal year 2022-23.

According to S&P Global, GDP growth would fall to 6.5% in the next fiscal year, 2023-24, but at a moderate risk.

India’s Inflation Prediction for FY2023-2024

According to S&P Global, India’s inflation rate for fiscal year 2022 would be 6.8%, which is already higher than the RBI’s 6% tolerance level. In addition, it is expected that inflation would fall to 5.0% in the fiscal year 2023-24.

In addition to severe weather-related price increases for wheat and rice, the group stated that core inflation remains persistent. And food inflation may rise again.

According to an S&P Global analysis, strong core inflation would drive policy rates in India to rise even more, with terminal interest rates expected to reach 5.90% in CY22.

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According to chief economist V Anantha Nageswaran in an interview last week, India will profit from the global economic crisis. According to him, the Indian economy would grow between 7.2% and 7.4% this fiscal year.

“I believe that the central banks of the developed countries will have to tighten monetary policy regardless of how the high inflation rate affects consumer demand and buying power.”

Because it puts downward pressure on the prices of crude oil and other commodities, industrial metals, and food supplies in general, I believe the slowdown will be favorable to India overall.

India’s GDP Prediction by Other Organizations

Most of the agencies just issued their assessments, and they forecasted India’s GDP growth for fiscal year 2022-23. Check out all of the firms’ projections for India’s GDP in FY23 –

• Fitch Ratings – Currently 7.0%, Earlier 7.8%
• India Ratings & Research Report – Currently 6.9%, Earlier 7.0%
• Asian Development Bank Report – Currently 7.0%, Earlier 7.5%
• RBI Expected GDP Growth FY23 – 7.2%

Verdict –

I hope you like this post, and I gathered all of the information from the website financialexpress.com, where you can read the whole story by clicking on the link.